EP Wealth Advisors LLC Invests $652,000 in Bank of America Corporation $BAC

Key Points

• EP Wealth Advisors acquired 12,523 Bank of America shares worth approximately $652,000 in the second quarter. Institutional investors collectively own 70.71% of BAC.
• Analyst sentiment remains favorable, with 21 Buy ratings and six Holds; the stock has a “Moderate Buy” consensus and an average price target of $64.08.
• Bank of America recently exceeded earnings and revenue expectations, reporting $1.21 in quarterly EPS and $31.56 billion in revenue. The company also raised its quarterly dividend to $0.32 per share, representing a 2.0% yield.

EP Wealth Advisors LLC acquired a new stake in Bank of America Corporation (NYSE:BAC) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 12,523 shares of the financial services provider's stock, valued at approximately $652,000.

Several other hedge funds also recently bought and sold shares of BAC. Turim 21 Investimentos Ltda. bought a new position in Bank of America in the 2nd quarter worth about $25,000. Abound Financial LLC bought a new stake in shares of Bank of America during the 4th quarter valued at about $26,000. Wiser Advisor Group LLC bought a new stake in shares of Bank of America during the 3rd quarter valued at about $27,000. CrossGen Wealth LLC purchased a new position in shares of Bank of America during the fourth quarter worth about $30,000. Finally, Joseph Group Capital Management purchased a new position in shares of Bank of America during the fourth quarter worth about $32,000. Hedge funds and other institutional investors own 70.71% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on BAC shares. JPMorgan Chase & Co. raised their target price on shares of Bank of America from $62.50 to $68.00 and gave the company an "overweight" rating in a research note on Wednesday, July 29th. Oppenheimer lowered shares of Bank of America from an "outperform" rating to a "market perform" rating in a report on Tuesday, June 30th. Truist Financial raised their price objective on shares of Bank of America from $64.00 to $65.00 and gave the company a "buy" rating in a research report on Wednesday, July 15th. UBS Group lifted their price objective on shares of Bank of America from $68.00 to $70.00 and gave the stock a "buy" rating in a report on Monday, August 3rd. Finally, Barclays increased their target price on Bank of America from $71.00 to $72.00 and gave the company an "overweight" rating in a research note on Wednesday, July 15th. Twenty-one analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $64.08.

Bank of America Stock Performance

Bank of America stock opened at $62.50 on Wednesday. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.23. The company has a market capitalization of $437.04 billion, a PE ratio of 14.33, a P/E/G ratio of 0.99 and a beta of 1.17. The firm has a fifty day simple moving average of $60.84 and a two-hundred day simple moving average of $54.78. Bank of America Corporation has a twelve month low of $46.12 and a twelve month high of $65.22.

Bank of America (NYSE:BAC - Get Free Report) last released its earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share for the quarter, beating analysts' consensus estimates of $1.13 by $0.08. Bank of America had a return on equity of 12.20% and a net margin of 17.56%.The company had revenue of $31.56 billion during the quarter, compared to analyst estimates of $30.78 billion. During the same quarter in the previous year, the company posted $0.89 EPS. Bank of America's revenue for the quarter was up 19.6% on a year-over-year basis. Research analysts expect that Bank of America Corporation will post 4.68 EPS for the current year.

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Friday, September 4th will be paid a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.0%. This is a boost from Bank of America's previous quarterly dividend of $0.28. The ex-dividend date of this dividend is Friday, September 4th. Bank of America's payout ratio is currently 25.69%.

More Bank of America News

Here are the key news stories impacting Bank of America this week:

• Positive Sentiment: Bank of America’s analysts continue to favor value stocks, arguing they are well positioned in an environment of higher interest rates and inflation. This supports the broader investment case for BAC, which trades at a relatively moderate earnings multiple and could benefit from durable net interest income. Stick with value stocks until everyone is talking about them
• Positive Sentiment: BofA Global Research says Federal Reserve corporate-credit facilities remain available to limit downside risks in a debt-heavy artificial-intelligence investment cycle. A continued backstop could reduce systemic credit concerns that might otherwise pressure large banks. The debt-fueled AI build-out may already be too big to fail
• Neutral Sentiment: Strategist Michael Hartnett remains bullish on gold, citing concerns about U.S. government debt and currency debasement. The view may support trading and advisory activity at BAC, although it is not a direct change to the bank’s earnings outlook. Why Bank of America strategist Michael Hartnett says the trade is still long gold
• Neutral Sentiment: Bank of America disclosed several changes to indirect equity holdings through Merrill Lynch, including a stake above 10% in Lakefront Biotherapeutics and a reduced position in Hidropar. These appear to be portfolio or client-related transactions rather than a material strategic investment in BAC’s own business. Bank of America builds 10% stake in Lakefront Biotherapeutics
• Negative Sentiment: Bank of America reportedly spends at least $250 million annually on GLP-1 weight-loss drugs for employees. Management views the benefit as an investment in worker health, but the significant recurring expense could weigh on operating costs if it does not produce measurable savings in health-care claims or employee retention. Bank of America is spending $250 million a year on weight loss drugs for employees

Bank of America Profile

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.

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